Thursday, April 06, 2006

Mortgage Rates Up Today

I wonder if the steady increase in mortgage rates will result in a buying rally. Many people seem to think that buying when rates are low and houses are expensive is a winning proposition. I think at this point I would wait until rates are higher and prices are lower since I can always refi, when rates do finally move lower, but I can only over pay for a house once.

"CHICAGO (MarketWatch) -- U.S. mortgage rates continued to push higher in the week ending Thursday, with the national average rate on the benchmark 30-year loan hitting 6.43%, its highest level in 31 months.

Freddie Mac in its weekly mortgage survey said the 30-year climbed from 6.35% a week ago. A year ago at this time, the loan average 5.93%. The 30-year hasn't been this high since Sept. 4, 2003, when it stood at 6.44%."



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